However, like every other artifical, man-made thing, this "bull market" too, will come to an end. Here, the structural reasons are three, and all go contrary to what the inflation that the Fed is desperate to spawn: these are Debt, Demographics, and Disruption, and combined result in Deflation.
According to Hartnett, who first coined the equality, the 3 “Deflationary D’s” (excess Debt, aging Demographics, tech Disruption) cap inflation: "the slowdown in the growth of the working population is deflationary, as are new biotechnologies that may extend human life"
Source: BofA: The Liquidity Supernova Is Ending, "This Is The Biggest Risk of All"
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